Dassault Falcon extends lease at Little Rock Airport | Arkansas Blog

Tuesday, October 18, 2011

Dassault Falcon extends lease at Little Rock Airport

Posted By on Tue, Oct 18, 2011 at 3:43 PM

EXTENDS LEASE: Little Rock officials cheer extension of lease for Dassault Falcon completion center through 2040.
  • Google Streetview
  • EXTENDS LEASE: Little Rock officials cheer extension of lease for Dassault Falcon completion center through 2040.

Little Rock National Airport announced today that it had extended its lease agreement with Dassault Falcon, for its aircraft finishing operation, through 2040, with an option to extend.

To hear Mayor Mark Stodola tell it, it wouldn't have been possible without that expensive trip to Paris and all the fine meals he and his chamber of commerce buddy enjoyed, not to mention Gov. Mike Beebe's own European trade mission. No doubt, though I suspect hard numbers were ultimately deal makers.

The promise of an extended presence of the plant, said to employ 1,800, is nothing but good news, but not a guarantee of the jobs. Dassault has laid off hundreds in Little Rock in recent years as the recession has hit private aircraft manufacturers. But it remains one of the area's biggest payrolls and at good wages.

I'm hoping for details on lease costs and space commitments and what the city spent for street and airport improvements as part of the deal. I'm also curious if the agreement includes any clawbacks if disaster happens and a factory is closed.

UPDATE: The old lease was due to expire in 2022, but had a 10-year extension. Here's a summary of the new lease particulars, which shows the airport will take in $300,000 more a year over the previous $621,000, plus have an escalator clause. Dassault will be leasing 172,000 more square feet of land than previously.

The city and state had earlier improved the 9th Street access to airport facilities at with a federal grant and government quick-action money, as well as airport enhancement money. Airport Director Ron Mathieu said he's hopeful Dassault will expand on its new property. He said no incentives had been paid to hold the plant here. He said a worldwide operator such as Dassault could always be viewed as interested in building elsewhere and the new lease was an important achievement. Though the agreement contains no clawbacks, the improvements would revert to the airport in time if Dassault were not cease operations, he noted.

NEWS RELEASE

The Little Rock National Airport (LIT) and Dassault Falcon Jet Corporation announced Tuesday an amended lease agreement effective through at least 2040 with an additional 10-year option at the end of 2040. This agreement will keep the jet fabricator at the airport through the next four decades.

Under the new lease, Dassault will gain use of additional land and facilities at LIT for its operations that currently employ 1,800 people with an annual payroll of $150 million. Dassault is one of the largest employers in Arkansas.

“We are happy to announce the extension of our agreement with Dassault Falcon Jet here at the Little Rock National Airport,” said Airport Executive Director Ron Mathieu. “This is a great accomplishment for LIT, the City of Little Rock and Central Arkansas. I would like to thank the Commission for their vision and leadership during the lease negotiation process, and staff for their hard work and dedication. I would also like to thank Dassault for being a good corporate partner and their commitment to Arkansas.”

“We are pleased to continue our 30-year relationship with Little Rock National Airport, the City of Little Rock and the State of Arkansas,” said Jeff Griffin, Vice President of Finance for Dassault Falcon Jet. “I commend the Airport Commissioners and staff as well as local leaders in Little Rock for continuing this partnership that has created good paying jobs for this area."

The City of little Rock in conjunction with the federal Economic Development Administration committed to improve the access to the Dassault facilities, and other job sites on LIT property, resulting in the new 9th street extension.

"I am very pleased that all our hard work and discussions with Dassault Falcon Jet, both here and in France, have paid off ensuring the continuation and future expansion of one of Little Rock's most important industries,” Little Rock Mayor Mark Stodola said.

“I am very proud of our staff for working diligently over the last two years to secure this extension that will save jobs and also add good paying jobs in Little Rock in the future. I am also proud of the leadership that was provided by Governor Beebe and Mayor Stodola in helping to make today’s announcement a reality. This announcement along with our current terminal expansion project are clear examples of the economic impact and benefit of the airport to the City of Little Rock and the State.” said Virgil Miller, Chairman of the Little Rock Airport Commission.

Under the new agreement, Dassault will lease more than four million square feet of land and 900,000 square feet of total hangar and office space.

“This announcement once again proves that LIT is a job creation engine for Little Rock and the entire state,” said Little Rock Regional Chamber of Commerce President Jay Chesshir. “State, City and Little Rock National Airport officials have worked closely with Dassault leaders in Little Rock and in France to ensure that we keep these jobs right here at our airport.”

Tags: , , ,


Sign up for the Daily Update email
Favorite

Comments (3)

Showing 1-3 of 3

Add a comment

 
Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Max Brantley

Readers also liked…

  • A response to police arrests becomes a tutorial on race, class and policing in Little Rock

    John Walker, the 79-year-old civil rights lawyer, and his associate, Omavi Shukur, 29, a young lawyer devoted to criminal justice reform, talked to press this afternoon about their arrests Monday by Little Rock police for supposedly obstructing governmental operations in observing and attempting to film a routine police traffic stop. It was a tutorial on sharp views of race, class and governance in Little Rock.
    • Sep 29, 2016
  • Use of solar on the rise in Arkansas

    With a pivotal ruling expected any day now from the Public Service Commission, Kyle Massey at Arkansas Business reports on the increase in Arkansans adding solar generation units on their homes and business.
    • Apr 13, 2018
  • Donald Trump declares war on Hillary Clinton's marriage

    Donald Trump gave a remarkable interview to the New York Times yesterday in which he declared open season on the marriage of Bill and Hillary Clinton and Bill Clinton's past infidelity. Seems like a loser, but I've been wrong before.
    • Oct 1, 2016

Most Viewed

  • Attorney General Rutledge rejects full marijuana legalization ballot initiative

    Speaking of weed, Attorney General Leslie Rutledge today rejected a proposed ballot initiative to fully legalize marijuana in the state.
  • The yawning teacher pay gap between Arkansas school districts

    Before Arkansas congratulates itself for outpacing Oklahoma on teacher pay, we should take a look at the huge disparity in salaries within the state. New teachers in Bentonville may make almost $46,000 a year, but new teachers in many other districts will start the 2018-19 school year earning $31,800 — less than the starting salary in Tulsa.
  • Anonymous Harding University students relaunch LGBTQ publication, campus security removes copies

    A group of anonymous Harding University students on Friday published an "HU Queer Press 2.0" zine, covering issues of gay rights at the private, Churches of Christ-affiliated campus in Searcy. A similar publication, "The State of the Gay at Harding University," set off a firestorm of controversy at Harding seven years ago. Shortly after the publication was distributed, campus security officers began gathering the copies of the zine and throwing them in the trash.
  • Finally, a memorial to the 21 boys who were burned to death at Wrightsville in '59

    It has been 59 years since 21 teen-aged boys incarcerated at the so-called Negro Boys Industrial School were burned to death in their locked dormitory. The Times wrote about the event in 2008, after the brother and mother of one of the boys approached the Times looking for someone to remember the event, and headlined the story "Stirring the Ashes." But on Saturday, a monument to the boys was placed at Haven of Rest Cemetery, where 14 of the boys were buried.
  • Trump's popularity among Arkansas Republicans remains overwhelmingly high

    In a recent survey of 676 likely GOP primary voters, the pollsters found 86 percent said they approved of Trump's job performance. Only 10 percent said they did not, and 4 percent said they didn't know.

Most Recent Comments

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation